New Delhi, Oct. 29 -- In a major boost for the Indian Navy, the Cabinet Committee on Security (CCS) has cleared the project to build eight Next Generation Corvettes for the maritime force.

"The deal worth over Rs 40,000 crore was cleared by the CCS led by Prime Minister Narendra Modi in its meeting held on Wednesday. The contract for the eight warships would be signed in the next few days with Garden Reach Shipbuilders, Kolkata and Goa Shipyard Limited," top government officials told ANI.

Corvettes are warships of around 2,000 tons and can move at high speeds of around 30 nautical miles.

After clearance by the CCS and signing of contracts, the Navy is expecting to get the first warship of the eight by 2030.

The shipyards are also look...